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USD/JPY Technical Analysis: Working on Fifth Week of Rally

USD/JPY Technical Analysis: Working on Fifth Week of Rally

2014-09-12 06:30:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 106.99. 106.44, 105.77
  • Resistance: 107.54, 108.22, 109.31

The US Dollar continues its unrelenting rally against the Japanese Yen, with prices securing a foothold above the 107.00 figure. A daily close above the 61.8% Fibonacci expansion at 107.54 exposes the 76.4% level at 108.22. Alternatively, a reversal below the 50% Fib at 106.99 opens the door for a challenge of the 38.2% expansion at 106.44.

The available trading range is too narrow to justify entering a trade at current levels from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more actionable opportunity to present itself.

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USD/JPY Technical Analysis: Working on Fifth Week of Rally

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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